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Chapter 860 Probate — Sale, Mortgage and Lease of Property

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Chapter 860 Probate — Sale, Mortgage and Lease of Property 1 Updated 13−14 Wis. Stats. Database PROBATE — SALE, MORTGAGE AND LEASE OF 860.13 PROPERTY CHAPTER 860 PROBATE — SALE, MORTGAGE AND LEASE OF PROPERTY 860.01 Power of personal representative to sell, mortgage and lease. 860.11 Special provisions in will; personal representative’s duty to persons inter- 860.05 Free of creditor’s claims. ested. 860.07 No warranties. 860.13 Who not to be purchaser, mortgagee or lessee without court approval. 860.09 Contract of decedent to sell or lease land. Cross−reference: See definitions in ch. 851. required. The warranties are binding on the estate as though made by the decedent during the decedent’s lifetime but do not bind the 860.01 Power of personal representative to sell, mort- personal representative personally. gage and lease. A personal representative to whom letters have History: 1977 c. 449; 1993 a. 486. been issued by the court and whose letters have not been revoked may sell, mortgage or lease any property in the estate without 860.11 Special provisions in will; personal representa- notice, hearing or court order. The rights and title of any pur- tive’s duty to persons interested. (1) RESTRICTION. Except chaser, mortgagee or lessee from the personal representative are as under sub. (4) if the will of the decedent contains provisions not affected by any provision in a will of the decedent or any pro- which restrict the freedom of the personal representative to sell, cedural irregularity or jurisdictional defect in the administration mortgage or lease property, the personal representative breaches of the decedent’s estate. A transfer agent or a corporation transfer- the personal representative’s duty to the persons interested if the ring its own securities incurs no liability to any person by making personal representative sells, mortgages or leases the property a transfer of securities in an estate as requested or directed by a other than in accordance with the restrictions. personal representative. (2) SPECIFIC BEQUEST. Except as under sub. (4) if the will of History: 1977 c. 449. the decedent contains a specific bequest of property, the personal An executor’s trust is not discharged by selling at the appraised price unless there is evidence to show that it was the best price that could be obtained in the exercise representative breaches the personal representative’s duty to the of reasonable diligence. State v. Hartman, 54 Wis. 2d 47, 194 N.W.2d 653 (1972). specific beneficiary if the personal representative makes a lease The loss of future profits to an estate through disposal of a parcel is damage charge- of the property for a period which exceeds one year or mortgages able to a trustee or personal representative only if the parcel was not needed for liquid- ity. In re Estate of Meister, 71 Wis. 2d 581, 239 N.W.2d 52 (1976). or sells the property unless the specific beneficiary joins in the Fiduciary and estate liability in contract and in tort. Dubis, 55 MLR 297. lease, mortgage or sale. (3) PROHIBITION. Except as under sub. (4) if the will of the 860.05 Free of creditor’s claims. If property in an estate is decedent contains provisions which prohibit the sale, mortgage or sold, mortgaged or leased by a personal representative, title passes lease of property by the personal representative, the personal rep- subject to the rights of creditors having a secured interest in the resentative breaches the personal representative’s duty to the per- property sold but free and clear of any right of creditors which is sons interested if the personal representative sells, mortgages or based on the filing and allowance of a claim in the estate. The fil- leases such property. ing and allowance of a claim in an estate does not make one a (4) COURT MAY ORDER SALE, MORTGAGE OR LEASE. If the will secured creditor. of the decedent contains limitations described in sub. (1), (2) or (3) and the personal representative is unable to pay the allowances, 860.07 No warranties. Except as under s. 860.09 (2), a per- expenses of administration and claims while complying with the sonal representative has no power to give warranties in any sale, limitations in the will, the court shall order the personal represen- mortgage or lease of property which are binding on the personal tative to sell, mortgage or lease the property in accordance with representative personally or on the estate of the decedent. the appropriate terms and conditions of an order made after peti- History: 1993 a. 486. tion and hearing on notice given under s. 879.03 to all persons 860.09 Contract of decedent to sell or lease land. interested and all creditors of the estate. History: 1993 a. 486. (1) GENERALLY. If any person legally bound to make a convey- ance or lease dies before making the same and the personal repre- 860.13 Who not to be purchaser, mortgagee or lessee sentative fails or refuses to perform in accordance with the dece- without court approval. The personal representative may not dent’s contract, any person claiming to be entitled to the be interested as a purchaser, mortgagee, or lessee of any property conveyance or lease may petition the court for specific perfor- in the estate unless the purchase, mortgage, or lease is made with mance of the contract. Upon satisfactory proof the court may the written consent of the persons interested and of the guardian order the personal representative to make a conveyance or lease ad litem for minors and individuals adjudicated incompetent or or may by its own order make a conveyance or lease to the person with the approval of the court after petition and hearing on notice entitled thereto upon the performance of the contract. given under s. 879.03 to all persons interested, or unless the will (2) WARRANTIES. If the contract for a conveyance required the of the decedent specifically authorizes the personal representative decedent to give warranties, any instrument given by the personal to be interested as a purchaser, mortgagee, or lessee. representative or order by the court shall contain the warranties History: 2005 a. 387. Wisconsin Statutes Archive..
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